3. Not fully appreciating the full financial value of its intellectual property. Often, people focused on technology and innovation see the issuance of a patent as the end goal. In other words, the patent serves simply as validation of the innovative nature of the technology. But patents can have value beyond the document itself, and even beyond the ability to keep competitors at bay. Companies owning patents can offer licenses to companies that are not yet using the technology, but might nonetheless benefit from it.